Centerspace (NYSE:CSR) Downgraded to Strong Sell Rating by Zacks Research

Key Points

• Zacks Research downgraded Centerspace to “strong sell” from “hold.” Other analysts have also reduced price targets or ratings, leaving the stock with a consensus “hold” rating and an average price target of $63.80.
• Centerspace shares opened at $54.21, near their 52-week low, with a market capitalization of approximately $910 million. The company recently reported quarterly EPS of $(0.07), beating estimates, while revenue of $65.78 million fell slightly short of expectations.
• Institutional investors own approximately 79% of the stock, and two directors recently purchased shares. Pacific Heights Asset Management also acquired a new stake valued at about $16.9 million.

Centerspace (NYSE:CSR - Get Free Report) was downgraded by equities researchers at Zacks Research from a "hold" rating to a "strong sell" rating in a research note issued to investors on Tuesday,Zacks.com reports.

A number of other equities analysts have also recently weighed in on the stock. Piper Sandler lowered their price target on shares of Centerspace from $64.00 to $60.00 and set a "neutral" rating on the stock in a research note on Tuesday, July 21st. Royal Bank Of Canada reduced their price objective on shares of Centerspace from $67.00 to $64.00 and set an "outperform" rating for the company in a research note on Wednesday, August 5th. Wells Fargo & Company decreased their price objective on shares of Centerspace from $70.00 to $60.00 and set an "equal weight" rating on the stock in a report on Wednesday, July 22nd. Wall Street Zen upgraded shares of Centerspace from a "sell" rating to a "hold" rating in a research report on Saturday, August 8th. Finally, BTIG Research cut shares of Centerspace from a "buy" rating to a "neutral" rating in a report on Tuesday, June 16th. One investment analyst has rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $63.80.

Centerspace Stock Up 1.7%

Centerspace stock opened at $54.21 on Tuesday. The company has a debt-to-equity ratio of 0.87, a current ratio of 0.03 and a quick ratio of 0.03. Centerspace has a 1-year low of $53.33 and a 1-year high of $69.61. The company has a market cap of $910.19 million, a PE ratio of 43.02 and a beta of 0.88. The stock's 50 day moving average price is $55.92 and its 200 day moving average price is $60.71.

Centerspace (NYSE:CSR - Get Free Report) last announced its quarterly earnings data on Monday, August 3rd. The company reported ($0.07) earnings per share for the quarter, topping analysts' consensus estimates of ($0.13) by $0.06. The firm had revenue of $65.78 million for the quarter, compared to analyst estimates of $66.29 million. Centerspace had a return on equity of 2.58% and a net margin of 7.97%.Centerspace has set its FY 2026 guidance at 4.580-4.680 EPS. On average, sell-side analysts predict that Centerspace will post 4.67 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Rodney Jones-Tyson purchased 1,700 shares of the business's stock in a transaction dated Monday, June 22nd. The stock was acquired at an average price of $55.26 per share, with a total value of $93,942.00. Following the purchase, the director directly owned 7,877 shares of the company's stock, valued at $435,283.02. This represents a 27.52% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director John A. Schissel acquired 500 shares of the firm's stock in a transaction that occurred on Thursday, June 18th. The stock was acquired at an average price of $54.90 per share, for a total transaction of $27,450.00. Following the completion of the transaction, the director directly owned 17,195 shares in the company, valued at approximately $944,005.50. This represents a 2.99% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Company insiders own 0.49% of the company's stock.

Hedge Funds Weigh In On Centerspace

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CSR. Pacific Heights Asset Management LLC purchased a new stake in shares of Centerspace in the second quarter valued at about $16,857,000. Public Employees Retirement System of Ohio purchased a new position in shares of Centerspace during the 2nd quarter worth approximately $1,091,000. Corient Private Wealth LP acquired a new position in shares of Centerspace during the 2nd quarter worth approximately $574,000. Bank of America Corp DE acquired a new position in shares of Centerspace during the 2nd quarter worth approximately $1,041,000. Finally, Jupiter Topco LLC purchased a new stake in Centerspace in the 2nd quarter valued at approximately $354,000. Institutional investors and hedge funds own 79.00% of the company's stock.

About Centerspace

Centerspace is an owner and operator of apartment communities committed to providing great homes by focusing on integrity and serving others. Founded in 1970, as of September 30, 2023, Centerspace owned interests in 71 apartment communities consisting of 12,785 apartment homes located in Colorado, Minnesota, Montana, Nebraska, North Dakota, and South Dakota. Centerspace was named a Top Workplace for the fourth consecutive year in 2023 by the Minneapolis Star Tribune.

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